(Most likely medium-term scenario)
I think if we see a bearish breakout of this ascending channel we have been in since Jun 26, we would likely see an aggressive shakeout giving the bears the legs needed to target the 30k levels and below relatively soon after the break.
However, like I mentioned yesterday a solid breakout above the 20 EMA/high at 35.5k and a successful retest of this level would definitely push the boat in the bulls favour.
In conclusion, just by judging the current price action and weighing up the pros and cons for both bullish and bearish scenarios playing out (medium-term), my bias is still pushed more towards the bearish side for now.
I think if we see a bearish breakout of this ascending channel we have been in since Jun 26, we would likely see an aggressive shakeout giving the bears the legs needed to target the 30k levels and below relatively soon after the break.
However, like I mentioned yesterday a solid breakout above the 20 EMA/high at 35.5k and a successful retest of this level would definitely push the boat in the bulls favour.
In conclusion, just by judging the current price action and weighing up the pros and cons for both bullish and bearish scenarios playing out (medium-term), my bias is still pushed more towards the bearish side for now.